can i take an iva?

[soundbud]

i have a house with £120,000 left to pay! and £40,000 equity. loans total £25,000 all unsecured! and earn £24,000 and work part time and earn £3000 a year! can i take an iva? and still keep my house? and car for work? and will all the debts be settled in 5 years?

thanks

[aguise]

Hi soundbud if I am correct then your equity is more than your debt so the best solution would be to remortgage and pay the debts off, bear in mind though after dont bother with the credit. An iva would not be for you as your are not insolvent you do not have more going out than coming in you should be able to sort it without going this route.
There is a poster called welshboy who deals with mortgages he would be able to give advice.

Anyone please correct me if you think I am wrong.
Hope this helps soundbud wait for other replies though.

Ang

[MelanieGiles]

Aguise is correct - and a 90% remortgage would almost see those debts paid off in full.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk